Press Release

Principal Life Insurance Extends Lease at College Park Plaza, Indianapolis

Property Remains 100 Percent Leased

NORCROSS, Ga. (August 4, 2006) - Wells Real Estate Investment Trust II announced today that Principal Life Insurance has signed a lease extension to 2014 at College Park Plaza in Indianapolis.

The lease extension follows the earlier assignment of the lease to Principal Life from its affiliate, J. F. Molloy & Associates; Molloy has been a tenant in 55,000 square feet of the 179,000-square-foot, Class-A office building on Purdue Road.

Principal Life is rated "AA" by Standard & Poor's.

"Having Principal on the new lease obviously enhances the credit picture at the property even further, and we're very pleased they have elected to lengthen their lease," said Don Henry, managing director, asset management, Wells Real Estate Funds.

The property, acquired last year by Wells REIT II, is 100 percent leased, including 98 percent leased to 2014 or beyond. Other tenants at College Park Plaza include Cardinal Health, Republic Airways Holdings and the U.S. Department of Agriculture.

Wells was represented in the transaction by Joel Williamson, vice president, asset management, along with Michael Semler of Colliers Turley Martin Tucker. Principal was represented by Chris Smith of Terrus Real Estate Group.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II owns 49 buildings in 17 states (including Washington, D.C.), totaling approximately $2.6 billion based on purchase price and covering more than 12 million square feet. Across the portfolio, Wells REIT II properties are 96 percent leased.

Wells REIT II is managed by Wells Real Estate Funds, a national real estate investment management company that has served more than 200,000 investors and their financial representatives since 1984. Wells-sponsored programs own more than $7.5 billion in assets (based on purchase price) totaling more than 35 million square feet. For more information, see www.wellsref.com.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this press release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, changes in general economic and business conditions, industry trends, changes in government rules and regulations (including changes in tax laws), and increases in interest rates. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus. For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092 (tel. 800-448-1010). SEC filings: www.wellsref.com/investmentproducts/reit/secfilings.html.